Founded by Dr Evangelos Zympeloudis, iCOMAT is one of the leading manufacturers of advanced composite structures for the aerospace and automotive industries.

iCOMAT’s Rapid Tow Shearing (RTS) process means carbon fibre tapes can be used in physically curved positions without being damaged or becoming defective.

Unlike traditional methods which create components by layering straight fibre layers, iCOMAT’s solution allows for the fibres to be directed precisely, optimising the structural property at any given point.

The technology can significantly reduce weight compared to existing commercial solutions, and considerably improve production rates.

The investment round was led by 8VC, a technology and bio-sciences venture capitalist firm, alongside the NATO Innovation Fund. Other investor partners include Syensgo Ventures and existing iCOMAT investors Velocity Partners VC.

The Bristol-based company has had a long affiliation with SETsquared and its academic partners at the University of Bristol.

iCOMAT is currently working with more than 25 customers from across the aerospace, defence and automotive sectors, and has successfully delivered parts for demanding applications including fighter aircraft panels, space launcher structures, and Formula 1 components.

To meet demand, iCOMAT is in the process of building its first production factory in Gloucester. The state-of-the-art facility will house three RTS production lines, alongside an array of other advanced processing equipment. It is anticipated that the factory will be fully operational by the end of 2024.

iCOMAT founder and CEO, Dr Evangelos Zympeloudis, said: “Our RTS process not only offers unparalleled structural efficiency, but unlocks fully automated production workflows.

“We are thrilled to partner with our invetors and accelerate progress toward our mission – to revolutionise transportation by delivering the lightest structures and vehicles possible.”